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What responsibility do we have to help sell the house after BK

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    #1

    What responsibility do we have to help sell the house after BK

    Our BK went final in Sept of 09. We never reaffirmed the mortgage but continued to make payments till May 2011 at which time we stopped paying and moved out of the house. The mortgage company wants us to try to sell the house even though we owe $160k and zillow says its worth like 90k, probably less than that even. So are we obligated to clean the house and try to get it to sell or can we just walk away?
    Will a deed in liu of or short sale be that much better than just a straight foreclosure on our credit report?
    Our new house is a "Owner Financed" house that we will need to refinance into a real mortage within 5 years.
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    #2
    You have no duty to the lender to sell the lender's property. If you wish to do a DIL that's ok but getting the lender to agree is another story. The only financial obligation you have is to an HOA if there is one. As it relates to the CR, someone else will have to comment.

    Des.

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      #3
      You are not obligated to do anything. You can just walk away.

      Your new "owner financed" home? Be careful with that.... the owner may be broke too.
      All information contained in this post is for informational and amusement purposes only.
      Bankruptcy is a process, not an event.......

      Comment

        #4
        Originally posted by frogger View Post
        You are not obligated to do anything. You can just walk away.

        Your new "owner financed" home? Be careful with that.... the owner may be broke too.
        Yes for sure. Owner financed means the owner wants out fast unless he owns the house completely. I would make sure a Title search was done as if the owner bk7's his relief could cause a real problem to the new owners. Good point Frog, One free shot of Jim Beam on me. 'Hub
        If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

        Comment

          #5
          Originally posted by AngelinaCatHub View Post
          Good point Frog, One free shot of Jim Beam on me. 'Hub
          Beam???? Woe is me.......
          All information contained in this post is for informational and amusement purposes only.
          Bankruptcy is a process, not an event.......

          Comment

            #6
            Originally posted by frogger View Post
            Beam???? Woe is me.......
            Chivas Regal better?

            Comment

              #7
              If you're going to drink a "Beam" product, Knob Creek is the ONLY way to go. The regular Knob Creek is good, but the single barrel/reserve is great!

              And at special times, you should try Four Roses Small Batch. Out of this world...
              (not a Beam product)
              All information contained in this post is for informational and amusement purposes only.
              Bankruptcy is a process, not an event.......

              Comment

                #8
                If you research the seasoning periods for Fannie Mae/FHA loans you'll discover that they vary with type of disposition (short sale vs. DIL vs. foreclosure) and down payment amount. Short sales have the shortest wait. Then DIL, then foreclosure. All are shortened by having larger down payments. Whether it's worth the hassle will depend on the kind of loan you want to get, your down payment, timeframe, etc. Good luck.
                There are two secrets for success in life:
                1.) Never tell everything you know.

                Comment

                  #9
                  Originally posted by debee View Post
                  If you research the seasoning periods for Fannie Mae/FHA loans you'll discover that they vary with type of disposition (short sale vs. DIL vs. foreclosure) and down payment amount. Short sales have the shortest wait. Then DIL, then foreclosure. All are shortened by having larger down payments. Whether it's worth the hassle will depend on the kind of loan you want to get, your down payment, timeframe, etc. Good luck.
                  I understand, but back to the important stuff. How you get a keg of that good stuff, Frog? Could we invite our OP in on this? I'll drive up to a meeting place for such a treat. NOW back to the subject. What was that subject? 'Hic err Hub
                  If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

                  Comment

                    #10
                    Originally posted by AngelinaCatHub View Post
                    I understand, but back to the important stuff. How you get a keg of that good stuff, Frog? Could we invite our OP in on this? I'll drive up to a meeting place for such a treat. NOW back to the subject. What was that subject? 'Hic err Hub
                    LOL!! Too funny 'Hub.
                    There are two secrets for success in life:
                    1.) Never tell everything you know.

                    Comment

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